Printed . This content is updated regularly, please refer back to https://bcfsa.ca to ensure that you are relying on the most up-to-date resources.
Did you know that not all of the licensing fee you pay remains with BCFSA? Part of every licence fee we collect goes to the Errors and Omissions Insurance Corporation (“E&O”), which plays an important role in protecting B.C.’s real estate consumers and licensees.
Here is a breakdown of what you pay as part of your licensing fees, where the fees go, and how each component helps to strengthen the regulatory framework and increase consumer confidence in the real estate industry:
Please note: as of April 1, 2023, BCFSA no longer collects fees on behalf of the Real Estate Compensation Fund Corporation (“RECFC”). The RECFC Board of Directors has suspended assessment fees for new licences for a period of two years. The Board implemented this temporary suspension due to the Real Estate Compensation Fund being in a strong position, as a result of good stewardship and low claims.
The Real Estate Compensation Fund provides protection if a member of the public suffers a compensable loss when money entrusted to a real estate licensee or an unlicensed individual at a brokerage is misappropriated, obtained by fraud, or intentionally not paid over or accounted for. Learn more about the Compensation Fund.
The Errors & Omissions assessment is used by E&O to cover the costs of defending B.C. real estate licensees against claims. Every real estate licensee is required to participate in the fund, which protects them from financial loss from errors, omissions, or negligence, and ensures that consumers who have lost money because of a real estate licensee’s negligence will be compensated. Find out more about E&O coverage.
BCFSA uses the licensing assessment fee to protect consumers by enforcing the Real Estate Services Act and educating, licensing, auditing, investigating, and disciplining real estate licensees. Learn about our mandate.